Answer Happy

WS Bhd, its principal activity is
property construction, acquired 80% interest in the equity capital
of YY Bhd on 2 February 2019 for RM450,000,000. On 2 February 2019,
YY Bhd’s share capital was RM200,000,000 with the share price of
RM1.50 per unit, the retained earnings were RM150,000,000 and
revaluation reserves were RM50,000,000 on 2 February 2019. The
group policy is to apply the proportionate share of the net
identifiable assets method to measure the noncontrolling interest.
The financial statements of both companies for the year ended 31
December 2021 was as follows:
WS Bhd
RM’000
YY Bhd
RM’000
Revenue
850,000
340,000
Cost of sales
530,000
200,000
Gross profit
320,000
140,000
Other income
260,000
180,000
Less:
Administration
expenses
221,000
93,000
Staff cost
101,000
50,000
Selling and
distribution expenses
65,000
58,000
Finance cost
10,000
4,000
Profit before tax
183,000
115,000
Less: Tax expenses
45,000
28,000
Profit for the
year
138,000
87,000
WS Bhd
RM’000
YY Bhd
RM’000
Retained earnings brought forward
310,000
180,000
+ Profit for the period
138,000
87,000
– Dividend
Retained earnings carried forward
(50,000)
(36,000)
398,000
231,000
Additional
information:
SUA far4 - Word LOGENTIREN A/L PALANISAMY LA Х File Home Insert Design Layout References Mailings Review View Help Tell me what you want to do Share Times New Roma - 12 Å Å Aa v 三、二、三三 T of Cut Le Copy Format Painter Clipboard AaBbCCI AaBbCcl AaBbc AaBbCct AaB AaBbccc AaBbCcD 1 Normal 1 No Spac... Heading 1 Heading 2 Title Find v abc Replace Select Paste BI Uabe X, x А AalyA = = TE Subtitle Subtle Em... Font Paragraph Styles Editing Statement of Financial Position As at 31 December 2021 WS Bhd YY Bhd RM'000 RM²000 458,000 Non-current assets - Property, plant and equipment Land held for property development Investment in YY Bhd Investment in GG Bhd Other investments 30,000 Total non-current assets 488,000 280,000 550,000 450,000 30.000 50,000 1,360,000 Current assets Property development costs Inventories Receivables Cash and bank balances Total current assets Total assets 280,000 200,000 290,000 160,000 930,000 2,290,000 184,000 213,000 176,000 573,000 1,061,000 Equity Share capital (RM1 per unit) Retained earnings 500,000 398,000 200,000 231,000 Page 2 of 4 774 words 團 100% [1* English (Malaysia) Accessibility: Unavailable Type here to search 近 B W 34°C Light rain ca » ENG 2:37 PM 17/5/2022
SUA far4 - Word LOGENTIREN A/L PALANISAMY LA Х File Home Insert Design Layout References Mailings Review View Help Tell me what you want to do Share Times New Roma - 12 Å Å Aa v 三、二、三三 T of Cut Le Copy Format Painter Clipboard AaBbCCI AaBbCcl AaBbc AaBbCct AaB AaBbccc AaBbCcD 1 Normal 1 No Spac... Heading 1 Heading 2 Title Find v abc Replace Select Paste BI Uabe X, x Aaly A А 를 TE Subtitle Subtle Em... Font Paragraph Styles Editing Revaluation reserves 75,000 Total equity 90,000 30,000 262,000 1,160,000 Non-current liabilities Deferred tax liabilities Long term Islamic debts Long term borrowings Total non-current liabilities Current liabilities Payables Short term Islamic debts Short term borrowings Total current liabilities 215,000 Total liabilities Total equity and liabilities 680,000 1,130,000 555,000 2,290,000 1,061,000 Additional information: 1. The company's income tax rate for the year was 24%. The tax effects on unrealized profit for intragroup transactions need to be accounted for. [1* English (Malaysia) Accessibility: Unavailable Type here to search B 34°C Light rain 14 Page 3 of 4 774 words 圍 100% W HE ca » ENG 2:38 PM 17/5/2022